Oerlikon has closed the sale of its solar business to Tokyo Electron Ltd. (TEL). The contract to divest the solar business was signed on March 2.

The transaction was structured as a cash deal in which TEL acquires 100% of the shares of Oerlikon Solar, and closed in line with the original expectations of the signed agreement resulting in cash proceeds for Oerlikon amounting to CHF $250 million.

"TEL, as a strategic buyer and leading supplier of semiconductor production equipment, is well suited to utilize the advantages of the thin-film silicon solar technology in a sustainable and successful manner," says Michael Buscher, CEO of the Oerlikon Group.